Good day to you over there! Will the GU continue to sell this week? The answer to this question is 95% yes! The bearish continuation probability is very high.
Technical Analysis: Currently, the price has pulled back to the level of 1.1178, in the h4 timeframe. The whole trend is down below the 150, 50, and 200 EMAs. What do we expect now? We are waiting for the price action around this level; we want to see a bearish pin bar or a bearish engulfing candle form before we make a short decision.
We have a confluence of the horizontal resistance and trendline resistance as well as the 80-period moving average dynamic resistance. So, there is a need for us to wait patiently for the signal to show up before making a trade decision.
Technical Analysis: Currently, the price has pulled back to the level of 1.1178, in the h4 timeframe. The whole trend is down below the 150, 50, and 200 EMAs. What do we expect now? We are waiting for the price action around this level; we want to see a bearish pin bar or a bearish engulfing candle form before we make a short decision.
We have a confluence of the horizontal resistance and trendline resistance as well as the 80-period moving average dynamic resistance. So, there is a need for us to wait patiently for the signal to show up before making a trade decision.